Control

FEATURED ARTICLES ABOUT CONTROL - PAGE 4

LONDON: Identifying China as a key market for future growth, NRI steel tycoon Lakshmi Mittal has said he hoped that the Communist nation would relax its control over foreign ownership of steel companies there. Mittal said he was keen to see some progress by Beijing in allowing non-Chinese companies to take controlling stakes in specific steel companies. "I'd hope some day the Chinese government would allow this (foreign ownership) to happen, perhaps in the next two years," Mittal said in an interview published in the Financial Times on Tuesday.

We should have a say in setting standards The internet originated as a US defense department project and certain key elements are still controlled by the US government through ICANN (Internet Corporation For Assigned Names and Numbers), an agency that sets up procedures for the assignment and use of names. For something which has such fundamental impact on our lives, we must have some say in how it is controlled/evolves. So the concern about US government control of ICANN is valid but perhaps overblown since in practice the control exercised has been small.

MUMBAI: The definition of 'control', which lies at the heart of every M&A deal, continues to remain unchanged. Securities lawyers were expecting Sebi to bring in certain clarity in the new takeover code. But the board's decision to retain the existing definition surprised many as the definition of control over the years has led to different outcomes and has been a subject of multiple litigations. Sebi defines control to include right to control management/policy but the debates and court feuds prompted takeover committee to suggest that its scope be widened.

VADODARA: Bombardier Transportation which operates its plant at Savli near Vadodara has opened its Rail Control Solutions Centre at Gurgaon , company sources said here today. The facility would house Bombardier India's signals engineering and project delivery team, which develops and delivers railway train control solutions. "Investment in this new engineering centre will enable us to work even closer with Indian customers and partners," Bombardier Transportation India's Chief Country Representative Harsh Dhingra said.

NEW DELHI: Talking tough on misleading commercials, Consumer Affairs Minister K V Thomas today said the issue needs careful handling to send the right message that government intends to restrain deceptive advertisement only and is not trying to control the media. "I want to touch upon misleading advertisements. It (advertisement) is a major income for print and TV media. We have to handle it carefully so that the message does not go that by controlling advertisements, we are trying to control the media," Thomas said at a conference on World Consumer Rights Day. The minister said a committee was constituted with members of media and other organisations to look into the issue of misleading advertisements and its report has come.

NEW DELHI: The Finance Ministry has asked the department of industrial policy and promotion to clearly define "control" in the foreign direct investment policy, toughening its stance against the use of quasi-equity instruments by foreign investors to exercise control over Indian businesses. "A clearer and detailed definition of 'control' is needed in the FDI policy to allow easier establishment of ownership in companies that have foreign investment," said a government official.

REYKJAVIK: The Icelandic Financial Supervisory Authority said on Tuesday it would take control of the country's second largest bank, Landsbanki, as the island's financial sector tottered on the verge of collapse.

JAMMU: Congress has set up a central control room in Srinagar for the upcoming state Assembly elections to monitor campaigns and coordinate between the party candidates. President Jammu and Kashmir Pradesh Congress Committee (JKPCC) President and MP, Saifuddin Soz has constituted a central control room in Srinagar for coordination with party leaders and candidates in various Assembly segments, Congress spokesman said. The control room would be headed by MLC Gulam Nabi Monga and will have seven members, who will brief and provide specific information, he said.

NEW DELHI: The government is likely to take a final call on the definition of "control" in mergers and acquisitions , especially those involving foreign companies, amid uncertainties over the Rs 2,058 crore Jet-Etihad deal. "The Cabinet is likely to take up the issues related to definition of 'control' on Wednesday or Thursday," a senior Commerce & Industry official said. The Jet-Etihad deal, the largest in the Indian aviation sector that would see Abu Dhabi-based carrier buying 24 per cent in the domestic airlines, has hit regulatory hurdles mainly due to issues of "control and ownership" post the transaction.